Thursday, October 16, 2008

Community Property: Are my Assets Separate if I divorce?

Dear Famularo & Associates

In 2000, my husband and I got married. I had assets, he had none. Since that time, I have invested in real estate and received a substantial inheritance. All my separate assets were placed in a trust, and I had my spouse sign interspousal grant deeds granting me all my real property as my sole and separate assets.

I completely kept all my expenses separate from the community. My question is, are these assets my sole and separate property if I ever choose to divorce my husband?

L.A. in Murrieta

Dear L.A.

Yes. Since the money you received was not earned during the marriage, but was inherited, it is your sole and separate property. You were smart to keep all your assets in a separate account and have your husband sign quit claim deeds. Since no community property was invested in your separate property, all your investments will be awarded to you in the event your husband and you someday divorce.

Famularo & Associates

Temecula Lawyers

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